A master’s degree is uncommon, but it is no longer rare. Census Bureau data for 2021 show that 14.4 percent of Americans age 25 and older held an advanced degree, meaning a master’s, professional, or doctoral degree. Within that group, more than 24 million people held a master’s degree as their highest credential.
The number of degrees awarded keeps rising. The National Center for Education Statistics reported about 843,449 master’s degrees conferred in the 2019-20 academic year. Between 2010-11 and 2020-21, the total rose roughly 19 percent.
Women now earn the majority of master’s degrees. In 2020-21, women earned 62 percent of the master’s degrees conferred and men earned 38 percent. Women earned most degrees in health professions, public administration and social services, and education. Men earned the majority in computer and information sciences and in business.
Business is the most common field for master’s degrees, followed by education and health professions. Programs tied to technology and health care have grown quickly in recent years.
The Bureau of Labor Statistics projected that occupations typically requiring a master’s degree for entry would grow 16.7 percent from 2016 to 2026, more than twice the average rate for all occupations. Many employers treat a master’s as the standard credential for senior, specialized, or management roles.
That means the degree can still help you stand out, even as it becomes more common. It also means the cost deserves a hard look before you enroll. Check tuition, compare the return on investment of a master’s degree, and estimate the salary gain in your own field. Think about the skills you gain from a master’s degree beyond the credential itself, and consider whether an online master’s degree is credible if a flexible format fits your schedule. Comparing master’s degree salaries with bachelor’s degree salaries in your industry is a practical starting point.
